Insiders Advisor
  • Stocks
  • World News
  • Business
  • Politics
  • Stocks
  • World News
  • Business
  • Politics

Insiders Advisor

Business

Home prices soar even higher in February, despite higher mortgage rates, says S&P Case-Shiller

by May 3, 2024
May 3, 2024
Home prices soar even higher in February, despite higher mortgage rates, says S&P Case-Shiller

Strong demand and tight supply continue to push home values higher, even though mortgage rates are now moving higher again.

Home prices in February jumped 6.4% year over year, another increase after the prior month’s annual gain of 6%, according to the S&P CoreLogic Case-Shiller national home price index released Tuesday. It was the fastest rate of price growth since November 2022.

The 10-city composite rose 8%, up from a 7.4% increase in the previous month. The 20-city composite saw an annual gain of 7.3%, up from a 6.6% advance in January.

“Following last year’s decline, U.S. home prices are at or near all-time highs,” said Brian Luke, head of commodities, real and digital assets at S&P Dow Jones Indices. “For the third consecutive month, all cities reported increases in annual prices, with four currently at all-time highs: San Diego, Los Angeles, Washington, D.C., and New York.”

Prices in San Diego saw the biggest gain among the 20 cities in the index, up 11.4% from February of 2023. Both Chicago and Detroit reported 8.9% annual increases. Portland, Oregon, saw the smallest gain in the index of just 2.2%.

“The Northeast region, which includes Boston, New York, and Washington, D.C., ranks as the best performing market for over the last half year. As remote work benefitted smaller (and sunnier markets) in the first part of the decade, return to office may be contributing to outperformance in larger metropolitan markets in the Northeast,” according to Luke.

“Since the previous peak in prices in 2022, this marks the second time home prices have pushed higher in the face of economic uncertainty. The first decline followed the start of the Federal Reserve’s hiking cycle. The second decline followed the peak in average mortgage rates last October,” he added.

This index records prices on a three-month moving average, so they go back as far as December, when mortgage rates hit their recent lows. There was also a strong expectation then that the Federal Reserve would lower interest rates. That may have driven buyers to jump in.

Since that time, however, mortgage rates have jumped nearly a full percentage point. In addition, stubborn and persistent inflation has lowered expectations that the Fed will cut rates significantly this year.

This post appeared first on NBC NEWS
previous post
Diverging Tails On This Relative Rotation Graph Unveil Trading Opportunities
next post
Dave & Buster’s to let players bet against each other on arcade games

Related Posts

OpenAI to release web browser in challenge to...

July 10, 2025

Elon Musk is $70 billion richer since Trump...

November 13, 2024

In federal trial, Michael Kors says it’s harder...

September 17, 2024

American Airlines flight attendants ratify new contract with...

September 13, 2024

Inflation and $2,000 camps are creating a summer...

July 24, 2024

Palm Beach housekeepers are making $150,000 a year...

May 24, 2024

Comcast and Harris Blitzer to build NBA, NHL...

January 14, 2025

Stellantis CEO says $25,000 Jeep EV coming to...

May 30, 2024

Levi Strauss to sell Dockers to brand management...

May 20, 2025

Nvidia’s CEO did a Q&A with analysts. What...

March 21, 2025

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest News

    • Apple just landed a key win for the global encryption fight

      August 20, 2025
    • I made memes for the White House. Here’s what I learned

      August 20, 2025
    • Trump slams mail-in ballots as corrupt, but may not have the power to derail them

      August 20, 2025
    • Russia launches largest attack on Ukraine this month following Trump’s meetings with Putin, Zelenskyy

      August 20, 2025
    • Justice Barrett teases new memoir in abrupt conference exit

      August 19, 2025
    • Schiff launches legal defense fund in response to claims Trump is ‘weaponizing’ justice system

      August 19, 2025

    Categories

    • Business (1,354)
    • Politics (6,797)
    • Stocks (904)
    • World News (461)
    • About us
    • Contacts
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: insidersadvisor.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 insidersadvisor.com | All Rights Reserved